Key regions: Vietnam, Indonesia, United Kingdom, Malaysia, Saudi Arabia
The Hotels market in BRICS countries is experiencing dynamic growth and evolution, driven by changing customer preferences, local special circumstances, and underlying macroeconomic factors.
Customer preferences: Customers in the BRICS countries are increasingly seeking unique and personalized experiences when choosing hotels. They are looking for accommodations that offer not only comfort and convenience but also cultural authenticity and local charm. This trend has led to a rise in boutique hotels, eco-friendly resorts, and heritage properties that cater to the discerning tastes of modern travelers.
Trends in the market: In Brazil, there is a growing demand for luxury resorts and eco-friendly lodgings, driven by an increase in international tourism and domestic travel. The country's diverse natural landscapes and vibrant cultural heritage make it an attractive destination for tourists seeking immersive experiences. In Russia, the Hotels market is seeing a surge in business travel accommodations, particularly in major cities like Moscow and St. Petersburg. The demand for modern amenities and efficient services is driving the development of upscale business hotels and conference facilities to cater to the needs of corporate travelers. India's Hotels market is witnessing a trend towards budget-friendly accommodations and homestays, especially among millennial travelers and backpackers. The rise of online booking platforms and shared economy models has made it easier for travelers to find affordable and unique lodging options across the country. In China, the Hotels market is experiencing rapid growth in the luxury segment, fueled by an expanding middle class and increasing disposable income. International hotel chains are capitalizing on this trend by expanding their presence in major cities and popular tourist destinations to cater to the growing demand for upscale accommodations.
Local special circumstances: Each BRICS country has its own unique set of challenges and opportunities in the Hotels market. In Brazil, infrastructure limitations and security concerns in certain regions can impact the development of tourism and hospitality industry. In Russia, seasonal fluctuations in tourist arrivals and bureaucratic hurdles can pose challenges for hotel operators. In India, the diversity of languages, cultures, and cuisines across different states can influence the design and offerings of hotels to appeal to a wide range of domestic and international guests. In China, government regulations and restrictions on foreign investment in the hospitality sector can shape the competitive landscape and market dynamics for hotels operating in the country.
Underlying macroeconomic factors: The Hotels market in BRICS countries is also influenced by macroeconomic factors such as GDP growth, inflation rates, exchange rates, and government policies. Economic stability, infrastructure development, and investment in tourism infrastructure play a crucial role in shaping the growth trajectory of the hospitality industry in these emerging markets.
Data coverage:
The data encompasses B2C enterprises. Figures are based on bookings, revenues, and sales channels of hotels.Modeling approach:
Market sizes are determined through a bottom-up approach, building on a specific rationale for each market. As a basis for evaluating markets, we use financial reports, the Global Consumer Survey, third-party studies and reports, data from industry associations (e.g., UNWTO), and price data of major players in respective markets. To estimate the number of users and bookings, we furthermore use data from the Statista Consumer Insigths Global survey. In addition, we use relevant key market indicators and data from country-specific associations, such as country-related GDP, demographic data (e.g., population), tourism spending, consumer spending, internet penetration, and device penetration. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, ARIMA, which allows time series forecasts, accounting for stationarity of data and enabling short-term estimates. Additionally, simple linear regression, Holt-Winters forecast, and exponential trend smoothing methods are applied. A k-means cluster analysis allows for the estimation of similar countries. The main drivers are tourism GDP per capita and respective price indices.Additional notes:
The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.
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